The brewing of a “fraud”-ppucino

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If you spat out your morning cuppa when you first heard the news that Chinese coffee chain Luckin Coffee was being investigated for fraud, you’re not alone.

The news that about US$300 million in revenue and around US$190 million in cost and expenses were fabricated in 2019 was shocking, but in retrospect, there were numerous red flags surrounding the company’s growth.

Scroll down for a short summary or click here for the full story(🔒).

But first, here are your quick bytes for today:

1️⃣ Gojek’s super app ambitions are getting bigger: The ride-hailing giant has filed several fresh trademark applications in Indonesia. Among these is GoTransit, a public transit mapping service.

The company had previously filed trademarks for services related to video conference streaming, financial management, and even electronics repairs. Last month, Gojek announced that it raised additional capital from Facebook and PayPal (🔒) as well as existing backers Google and Tencent.

2️⃣ Indian conglomerate Reliance Industries Limited (RIL) has overtaken ExxonMobil to become the world’s second-largest energy company, expanding RIL managing director Mukesh Ambani’s kingdom(🔒) even further.

The company’s digital arm, Jio Platforms, recently wrapped up its fundraising spree(🔒) at over US$20 billion.

3️⃣ Forty-seven more Chinese apps have been banned in India amid border tensions between the two countries. And the list could grow – an additional 275 apps may be blacklisted, including mobile game PlayerUnknown’s Battlegrounds – more commonly known as PUBG – and music-streaming app Resso.

This comes after the Indian government blocked access to 59 Chinese apps late last month, with TikTok, WeChat, and Shareit among the casualties.

4️⃣ Li Auto Inc., a Meituan Dianping-backed manufacturer of electric vehicles in China, has launched an initial public offering of up to US$950 million.

Its rival, Xpeng Motors, recently raised US$500 million in a Series C+ funding round. Sources close to the matter say it’s looking to go public in New York later this year.

5️⃣ Chinese startup Red Date wants to make the process of creating blockchain-based apps quick, cheap, and easy. Through the use of a Blockchain-based Service Network that supports a variety of software and platforms, the company is hoping to unify the fragmented blockchain industry.

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